Over the past couple weeks, we have seen overall sentiment of the market gradually switch to bear.
Though this may hold true, I though I would share this bullish fractal pattern and possible trading opportunity.
The chart above shows Bitcoin currently sitting just above a long term pitchfork support. This is the second time testing this pitchfork support which is happening in a very similar manner as on June 10th of this year. The arrows above are there to point out the similarities.
Not only that, but the previous test of 9050 was a perfect hit of the .236 fib extension from the swing of 19k to 3k.
Other Minor Reasons:
- Currently above weekly S1 pivot support.
- Volume Extension showing seller exhaustion
The Trade:
With the overall sentiment changing to bear, this may not hold true.
However the fractal and opportunity is here.
I hope you all found this article interesting and maybe even a little helpful!
Wish you all the best of luck!
Though this may hold true, I though I would share this bullish fractal pattern and possible trading opportunity.
The chart above shows Bitcoin currently sitting just above a long term pitchfork support. This is the second time testing this pitchfork support which is happening in a very similar manner as on June 10th of this year. The arrows above are there to point out the similarities.
Not only that, but the previous test of 9050 was a perfect hit of the .236 fib extension from the swing of 19k to 3k.
Other Minor Reasons:
- Currently above weekly S1 pivot support.
- Volume Extension showing seller exhaustion
The Trade:
- Entry 1: 9400
- Confirmation: 11150
- Entry 2: 11150
- Target: 17000
- Stop/Loss: 9050
With the overall sentiment changing to bear, this may not hold true.
However the fractal and opportunity is here.
I hope you all found this article interesting and maybe even a little helpful!
Wish you all the best of luck!
Trade active:
This upward swing has me remaining positive.
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
I still think this pennant has a possibility of playing out.
If so major support would be around 9800